Kathmandu, June 13

Claims for the coronavirus insurance scheme that the insurance companies had launched are being made in recent days and a couple of them have already received their insurance amount.

Among the people who had bought the coronavirus insurance plan, six of the infected patients have made their claims of which two have already received their insured amount and two are in the process of receiving it.

Raju Raman Poudel, executive director of Insurance Board, informed that two of the claimants have received the payments of their claims.

“Neco Insurance and Himalayan General Insurance have already paid the claims to the respective persons.”

Neco Insurance paid the claim to a woman from Gulmi who works in the Agricultural Development Bank.

Similarly, Himalayan General Insurance paid the claim to a doctor working at Bharatpur Hospital. Both the infected received a claim payment of Rs 100,000 each. Buyers of coronavirus insurance policies are entitled to claim payment as soon as the coronavirus infection is confirmed.

The other claims that have been made are at National Insurance Company and Shikhar Insurance Company.

Till date the insurance companies have insured 400,000 people and have raised Rs 230 million in premiums through the coronavirus insurance scheme.

As per insurance companies, they will be able to pay for claims of up to Rs one billion through their pooled amount in the first phase. If the claims rise above Rs one billion then the insurance companies can make payments of up to an additional amount of Rs one billion via reinsurance.

If it crosses this mark then an arrangement can be made to pay a further Rs 500 million from the collective fund of insurance companies.

Poudel said that he would seek government assistance if the claim amount crosses the aforementioned estimate.

The government has made an arrangement in the budget of the upcoming fiscal year to provide 50 per cent subsidy when insuring Nepalis. Similarly, a provision has been made to provide insurance coverage of Rs 100,000 for all public servants against the COVID-19.

A version of this article appears in e-paper on June 14, 2020, of The Himalayan Times.